This is our first report on a global investment behemoth, KKR & Co. Inc. The company delivered strong set of quarterly results surpassing Wall Street expectations on all fronts. Despite a turbulent business environment, the performance of KKR’s investments on its balance sheet was flat for the quarter. The core PE portfolio increased in value by 7%. Management fees were $706 million in Q4. Its Real Assets business grew the most, with management fees increasing by more than 50%. The Capital Markets division generated $144 million in revenue in the quarter, with net transaction and monitoring fees totaling $195 million. The company generated $339 million in realized carried interest from the monetizations of Minnesota Rubber and Plastics, as well as a number of public positions, and $339 million in realized incentive fees from the crystallization of performance payments at Marshall Wace. Realized investment income was $223 million in the quarter. Their asset management operational earnings were $946 million. Global Atlantic also had another successful quarter, with operating earnings of $165 million. We initiate coverage on the stock of KKR & Co., Inc. with a ‘Hold’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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